Market uptrend bias continues, with renewed strength in NASDAQ and small caps. Continued weakeness in financials overhangs the markets, as does a firming in the dollar. Many foreign ETF's have begun to downtrend; they were early leaders in the recovery and benefited from a weaker dollar. Their tiring uptrend (see EFA, EMA, EPP, EPI) and the dollar's bounce may represent a leading indicator of a waning US equity market in the new year.
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